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CFPB Releases Spring 2013 Rulemaking Update

Fri, Jul 12, 2013

Washington, District Of Columbia

Mortgage regulations and nonbank supervision are two of many current Consumer Financial Protection Bureau priorities detailed in the bureau's semi-annual update of its rulemaking agenda.

In a release, the CFPB said it is "now focusing intensely" on supporting the implementation process for mortgage regulations that were released earlier this year, and releasing various amendments to those regulations. Amendments to portions of the 2013 Mortgage Rules Under the Equal Credit Opportunity Act (Regulation B), Real Estate Settlement Procedures Act (Regulation X), and the Truth in Lending Act (Regulation Z) were published in the Federal Register earlier this week.

The bureau is also continuing its work on a rule to integrate and streamline federal mortgage disclosures, and that rule is expected to be released this fall. "We would not expect any implementation work to begin until after the January 2014 effective date for the earlier mortgage rules," the CFPB added in a release.

Rulemakings to implement a supervisory program for certain nonbank entities are also being developed.

The CFPB said it is also considering debt collection actions and could develop a proposed rule to strengthen federal consumer protections for prepaid cards.

The agency also expects to issue a proposal regarding the notices that consumers receive each year from their financial institutions to explain the companies' information sharing practices.

Commenters had suggested that eliminating the annual privacy notices where there has been no change in policies would reduce unwanted paperwork for consumers and unnecessary regulatory burdens, at least where a financial institution limits the sharing of information with third-parties, the CFPB said.